A Day in the Life of the COFA - A Live Masterclass with Robert Mowbray
The COFA is required to ensure that the firm meets certain regulatory responsibilities, and this is considerably broader than simply ensuring that the firm is compliant with the SRA Accounts Rules.
The COFA needs to ensure that the business remains viable at all times, that there are proper procedures and systems in place and that financial, operational and business continuity risks are properly identified, monitored and controlled.
This live broadcast session presented by leading trainer, Robert Mowbray, will provide detailed practical guidance and case studies to help the COFA to satisfy their regulatory obligations while building a financially stronger legal business.
What You Will Learn
This live and interactive session will cover the following:
- The Relationship between the COFA, the COLP, the FD and the Firm
- The Rules and Regulations that apply - which provide a framework for the COFA role
- SRA Authorisation of Firms Rules
- SRA Code of Conduct for Firms
- SRA Code of Conduct for Solicitors
- SRA Accounts Rules
- The Job Description of the COFA
- Having access to all information
- Indemnity for whistleblowing
- Additional insurance
- The COFA in Practice - What Does the COFA need to do from day to day?
- Financial stability of the firm
- Spotting the danger signs - profit and cash flow; what is normal and when to get alarmed
- Cash flow forecasts
- Partnership agreements and banking arrangements
- Written systems and procedures to ensure matters are handled properly
- Accounts Rules
- File opening - AML, credit checking, terms of business, alerts, matter plans (fee quotes and fee caveats), time recording etc
- File management - client updating, security of client assets, complaints and client feedback, control of WIP & debtors
- Business continuity - disaster recovery
- Training - links to compulsory courses
- Identifying and monitoring risks
- Evaluation of risks - 'impact' and 'probability'
- Identifying risks
- Creation of risks register
- Setting up the necessary controls
- Monitoring of risks
- Action Planning & Conclusions
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.